The cryptocurrency trading platform – Seed CX – reportedly won licenses for its divisions to provide crypto services in the State of New York.
The New York State Department of Financial Services has published a press release on its official website yesterday saying that it approved applications filed by Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC for cryptocurrency licenses. Both companies are subsidiaries of Seed CX.
“We are pleased to have approved over 20 virtual currency businesses, and welcome Seed Digital Commodities Market and Zero Hash to New York’s growing virtual currency marketplace,” said Superintendent Lacewell.
Following the approval of the regulator, Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC have received BitLicense, while Zero Hash has also obtained money transmitter license.
As a result, SCXM can legally match crypto orders from users in New York and trade asset blocks.
Seed CX has reportedly started servicing the spot market in 2019. However, it plans to keep expanding the business with the next target being a green light for forward contracts.
"Being granted two virtual currency licenses by the New York Department of Financial Services marks the next step in our growth to becoming the leader in institutional trading of digital assets," said Edward Woodford, co-founder and CEO of Seed CX.